What a friggin joke. Oil up 7 a barrel,,,,,,,,,
Futures Last Change Change %
Crude Oil 84.84 +7.15 +9.20%
Natural Gas 2.8240 +0.1020 +3.75%
Gold 1604.20 +53.80 +3.47%
Dow 12808.00 +282.00 +2.25%
S&P 500 1356.40 +34.00 +2.57%
Nasdaq 100 2609.75 +82.00 +3.24%
Oh that's right. More bull$hit to ramp up oil. Total scams fraud right in front of our faces. No one has the $alls to do anything about it..............What timing on all of this,,,,,,,,,,,
Tyler Durden's picture
Iran Oil Embargo Goes Into Effect: Crude Up 8%
Submitted by Tyler Durden on 06/29/2012 - 13:36 China Crude Iran recovery
Following a 3-sigma fall yesterday, WTI crude has rebounded exuberantly amid the European ecstacy and the Iran Oil Embargo. Up almost 9% from late yesterday's lows (a 6-sigma jump), it appears yet another squeeze is in play (perhaps from demand-pull on the back of Hillary's unyielding national policy - oh yeah apart from China and Singapore). While the WSJ notes: "There's no material price premium from the Iran issue", it seems the potential for an epic short-squeeze - as Iran's largest importer of Oil (cough China cough) is now exempt (and continuing to hoard) leaving refiners potentially tight on supply - as macro tail-risk is seemingly removed from the downside by the 'nothing' summit we just experienced.
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http://www.zerohedge.com/news/iran-oil-embargo-goes-effect-crude-8
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